6062 Atlantic Avenue
6062 Atlantic Avenue
$2,595,000
12
12
6,966
6,966
$373
Description
Price Reduction! 12-unit project cash flowing at an amazing 8.5% Cap Rate and 7.7 GRM after taking into account all construction costs! Priced at only 253k/door in the heart of Long Beach, it offers not only 6 fully renovated residential units upstairs but also 4 retail spaces (with RTI plans to convert to 4 residential units) + nearly RTI plans to convert the attached garages into 2 attached (1bed/1bath) ADUs. The 6 residential units (100% occupied) have been already fully remodeled and boast new...Price Reduction! 12-unit project cash flowing at an amazing 8.5% Cap Rate and 7.7 GRM after taking into account all construction costs! Priced at only 253k/door in the heart of Long Beach, it offers not only 6 fully renovated residential units upstairs but also 4 retail spaces (with RTI plans to convert to 4 residential units) + nearly RTI plans to convert the attached garages into 2 attached (1bed/1bath) ADUs. The 6 residential units (100% occupied) have been already fully remodeled and boast new modern cabinets, flooring, lighting, new bathrooms, and significant exterior improvements. Additionally, each unit is individually metered for gas and electricity. The large 9,180 SF lot comes with ~9 open parking spaces as well as ~4 garage spaces. Price/Unit, Cap Rate & GRM are based on Total Price for the sake of conservatism, which includes the construction cost of 4 retail conversions at 75k/unit (300k) + 2 attached ADUs at 75k/unit (150k) for a total project cost of 450k offering a remarkable Cap Rate of 8.5% and 7.7 GRM after including all construction costs.
- Listed by Armin Soleimani • DRE #01846872 • Brokerage DRE #01911261 • Global Platinum Properties, Inc.
- Listed by Julio Ruiz • DRE #01911261 • Brokerage DRE #01911261 • Global Platinum Properties, Inc.
Property Details for 6062 Atlantic Avenue
Zoning
LBCNA
Parcel Number7124016005
Total Units12.0
Living Area6966
Source Living AreaOwner
AreaNorth Long Beach (7)
Vacancy Rate6 Units
Lot Size Area9180
Location
LISTING UPDATED: 04/11/2024 05:27 PM
Property Details for 6062 Atlantic Avenue
Status | Active |
---|---|
MLS # | 24-367527 |
Days on Market | 53 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1946 |
Lot Size | 0.21 AC / 9,180 SF |
County | Los Angeles County |
Location
Building Information for 6062 Atlantic Avenue
Stories2Residences-Year Built1946Building Size-Lot Size0.21 AC / 9,180 SF
Payment Calculator
$14,162 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 6062 Atlantic Avenue
Property History for 6062 Atlantic Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Schools near 6062 Atlantic Avenue
This home is within Long Beach Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Charter - | 6 to 8 |
Rating | School | Distance |
---|---|---|
Harte Elementary School PublicK to 5 | ||
Lindbergh Middle School Public6 to 8 | ||
Jordan High School Public9 to 12 | ||
IVA - Intellectual Virtues Academy Middle School Charter6 to 8 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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